The increased incidence of chronic disease and corresponding increases in disability-adjusted life years, technical developments in medical equipment, and a constant increase in the ageing population are the drivers of the Medical Devices market's growth.
Westford, USA, May 18, 2022 (GLOBE NEWSWIRE) -- Technological advancements are reshaping the medical device sector, not only expanding the quantity of linked medical devices market share but also boosting their role in healthcare. Wireless technology advancements, smaller devices, and more processing power are altering the landscape of device interconnection. Data gathered, processed, and shared from medical devices with healthcare organisations improves patient outcomes, lowers costs, and provides an extra revenue stream. Integrating and presenting patient information correctly can only promote future MedTech growth.
Significant advancements in new technologies, such as smart sensors, smart gadgets, and other lightweight communication devices, are propelling medical devices market sale and medical devices market growth that create data into care pathways and forming partnerships with IoMT systems. These breakthroughs in biological signal monitoring and illness diagnosis without human involvement assist healthcare companies enhance patient outcomes, cut costs, and increase efficiency. MedTech's position has become even more crucial, operating as a value-based partner rather than merely a gadget developer and seller.
The introduction of new technologies into the global medical devices market is likely to boost demand for medical equipment. Companies such as ABLE Motion are driving innovation in the industry. A Barcelona-based business, for example, was the world's first maker of home-use robotic exoskeletons for people with lower-limb paralysis. The battery-powered, 8-kg exoskeleton features smart device setup options that allow physical therapists and physicians to remotely monitor patients. Garwood Medical, a MedTech start-up established in Buffalo, New York, delivers clinical outcomes for infections and wound healing. The BioPrax, a minimally invasive device meant to prevent biofilm infections on prosthetic knee implants by employing electrodes to limit microbial development, is among the company's products.
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The share of the elderly population and life expectancy have both grown globally, which may have a considerable influence on the healthcare system and the medical device business. According to the Globe Ageing Population study, there were around 703 million persons aged 65 and over in the world in 2019. This figure is predicted to more than quadruple over the next three decades, reaching over 1.5 billion by 2050. Eastern and Southeast Asia contribute the most to the elderly population, followed by Europe and North America.
The outbreak caused havoc on the medical equipment business since supply was severely affected as a result of the shutdown. Companies, on the other hand, efficiently reacted to these constraints, building a more resilient supply chain in a couple of weeks to fulfil requests for a wide range of medical supplies. The impact of COVID-19 on the Americas was severe for the medical device sector for a few weeks, but it began to show indications of improvement in the third quarter of 2020. The key driver of the medical equipment market's recovery was high demand for ventilators, breathing systems, patient monitoring systems, and imaging systems.
Read market research report, " Global Medical Devices Market Analysis is segmented By Type of Device (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, General Surgery, Other), By End User(Hospitals, Clinics, Others) & By Region- Forecast and Analysis 2020-2027” by SkyQuest
Because of the improved precision, ergonomics, and control, physicians are increasingly prescribing robotic procedures to their patients. On the patient side, the need for smaller incisions, less blood loss, a shorter hospital stay, and a faster recovery time is fueling their rising preference for minimally invasive operations using robots. Overall, reducing post-operative trauma and complications benefits both parties.
With many exchanges of information and accessibility between healthcare providers, manufacturers, and suppliers, the concern of cybersecurity is increasingly at the forefront for medical equipment. The sophistication of cyberattacks has increased as technology has advanced. In order to avoid cyberattacks, medical device security can be addressed not only during the conception and development stages, but also throughout the product's lifespan. Though larger firms claim to be more equipped to deal with cybersecurity challenges, smaller businesses must respond fast and collaborate to minimise any disruption to the flow of information.
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Asia-Pacific is expected to be the fastest-growing regional market due to increased demand for healthcare items; also, the expanding older population with health difficulties is driving market development. The Middle East and Africa are expected to have the weakest market share over the projected period. The Middle East is expected to hold most of the market share due to the increasing number of government activities in the healthcare sector in this area. Furthermore, India possesses a huge potential market considering its highest population across the world. Around 65 percent of Indian manufacturers are largely domestic firms working in the consumer goods market and catering to domestic demand with minimal exports.
Large Multinational Corporations, with vast service networks, lead the high technology end of the Medical Devices industry in India. In India, there are 750–800 domestic Medical Devices market players, with an average investment of $2.3–2.7 million and a revenue of $6.2–6.9 million. The volume and area of production are expanding there are six medical devices manufacturing "clusters" in the nation (see to the 'Data on Map' section below). Clusters are being surrounded by "Medical Device Parks": states have pledged to establishing specialised industrial parks where efficient domestic manufacture at cheaper prices may take place.
Companies frequently employ new product releases and approvals to expand their global footprints and product lines, and these approaches help them meet expanding client demand. Collaboration is one of the most popular strategies employed by medical device firms to increase their international customer base while keeping their brand identity.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
SkyQuest has segmented the Global Medical Devices Market based on Type of Device, End-User, and Region:
Medical Devices by Type of Device (Revenue, USD Million, 2020 - 2027)
Medical Devices by End-User (Revenue, USD Million, 2020 - 2027)
List of Key Players of Medical Devices Market
Fresenius SE & Co. KGaA (Germany)
Koninklijke Philips N.V. (Netherlands)
F. Hoffmann-La Roche Ltd (Switzerland)
General Electric Company (US)
Siemens Healthineers AG (Germany)
Boston Scientific Corporation (US)
Johnson & Johnson Services, Inc. (US)
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